Michael van de Poppe Talked About the Altcoin Rally.
The cryptocurrency market has entered a medium-term bearish trend with the Bitcoin (BTC) price falling below $64,000 on Friday. Significant cash outflows from United States-based spot Bitcoin exchange-traded funds (ETFs) over the past five days have weighed heavily on bullish sentiment. On Thursday, Grayscale's GBTC and Fidelity's #FBTC experienced net cash outflows of approximately $53 million and $51 million. BlackRock's IBIT alone recorded a small cash inflow of about $1 million on Thursday.
While Bitcoin whales continue to weigh heavily on medium-term bullish sentiment with increasing liquidations, on-chain data shows Ethereum whales are in the market. For example, a Binance wallet affiliated with Justin Sun purchased 9,338 Ethereum worth over $30 million on Friday. On the other hand, Bitcoin whales, led by the German government, continued to deposit money into exchanges in order to make profits in the last 24 hours.
“Markets continue their downward slide, but Ethereum is showing some resistance. As long as $ETH remains above 0.05 BTC, all is well and a trend reversal is on the horizon. “The first upward trend in 2.5 years has activated the power of the Altcoin market.”
According to popular crypto analyst Michaël van de Poppe, the altcoin market is on the verge of gaining bullish momentum against Bitcoin after more than two and a half years. The analyst said that the ETH/BTC pair is showing some resistance to the downtrend. As a result, Poppe stated that the Ethereum price against the US dollar will increase exponentially in the near term as long as the ETH/BTC pair remains above 0.05. The altcoin market has already attracted significant interest from institutional investors, as evidenced by #Solana ETP in Canada. However, Bitcoin dominance stands on the verge of a major comeback. According to the analyst, this will trigger an increase in cryptocurrency rotation in favor of altcoins.